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Eurozone weakness takes toll on German growth

Germany registered lower-than-expected growth in 2013 due to weakness in the Eurozone and the global economy in general, according to data published on Wednesday by the country's statistical office Destatis.

Destatis reported a preliminary increase of 0.4% in German gross domestic product (GDP) for 2013, which marked a slowdown from the prior year's 0.7% expansion and settled below the consensus forecast of 0.5% growth.

"Obviously, the German economy suffered from the continuing recession in some European countries and from restrained growth of the global economy. The strong domestic demand could offset those factors only to a limited extent", Destatis President Roderich Egeler said at a press conference held to present the 2013 GDP data.

Destatis also noted that German foreign trade was "less dynamic". German exports of goods and services were up a total 0.6% on a year earlier. At the same time, however, imports rose by 1.3%. On balance, exports and imports reduced GDP growth in 2013 by making a negative contribution of 0.3 percentage points.

Germany will publish the first data for fourth quarter GDP on February 14th, along with revised 2013 GDP results.

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